How to Improve Your Credit Score
There are things you can do to increase your credit score regardless of your unique credit situation. Start the process by learning credit score basics and how to practice positive credit behavior.
Credit scores are based on your credit history and can play a significant role in the type of loan and loan terms, such as interest rate, a lender may offer you. A credit score generally ranges from 300-850, and the higher your number, the better you look to a lender because it signals that you’re more likely to repay your debt on time. Credit scores are usually calculated by taking the following into account: Payment history, credit utilization (or the percentage of your credit limits you’re using), length of credit history and mix of credit accounts, amounts you owe, recent credit behavior, and available credit. Lenders, creditors and others often use credit scores to help them determine the likelihood that someone will pay back what they owe on transactions such as loans, credit cards, mortgages, utilities, and even apartment rentals. Credit scores can also be used as one factor in determining loan and credit terms, such as interest rates. People with very low credit scores may be referred to as subprime borrowers, and lending institutions may charge higher interest rates in consideration of the increased risk of lending money to these borrowers. Credit scores are generally calculated using information from from one or more of a person's credit reports from the three nationwide credit reporting agencies, Equifax®, Experian®, and TransUnion®. You can see your VantageScore credit score, based on Equifax data, for free here. A VantageScore is one of many types of credit scores.
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What Are the Different Ranges of Credit Scores?
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[Video] Will Checking Your Credit Hurt Credit Scores?
Many people are afraid to request a copy of their credit reports out of concern it will negatively impact credit scores. Checking your own credit is what's called a "soft" inquiry. Learn more.
What is myEquifax™?
With a free myEquifax account, you'll receive multiple Equifax credit reports each year - no credit card required.
What are the benefits of knowing your VantageScore 3.0 credit score?
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[Video] What Is the Average Credit Score by State?
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[Video] How Does an Eviction Affect Your Credit Scores?
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[Video] How Can I Check Credit Scores?
Credit reports from the three nationwide credit bureaus don't usually include credit scores. But there are several ways to check credit scores.
What is a Credit Score?
You may be surprised to learn you don't have just one credit score. Learn more about some basics when it comes to credit scores.